It's been just over a year since the arrival of The Consumer Duty.
So, whether you've been neck-deep in its implementation or still feel like you're getting to grips with it, this lunch-hour Assembly asks how we’re all getting on with it.
To explore the topic, we were joined by founder of Compliance and Training Solutions (CATS), Mel Holman, and Tom Lloyd-Read, technical planning manager at Stonehage Fleming.
Mel has been providing advice and implementation support to a range of organisations while Tom has been deeply involved in implementation of the Duty within his firm.
Over the course of the lunch-hour Assembly, we covered:
* real-life experiences of implementing The Consumer Duty
* practical approaches to demonstrating client understanding
* the ongoing challenge of defining and proving value
* how firms are adapting to support vulnerable clients
* the impact of the retirement income review
What's more, we also touched on cashflow modelling assumptions, dashboards and gap analysis.
Of course, being an Assembly, not only did attendees tune into the conversation, but they also shared their thoughts and ideas on what's working, what's not, and where firms are still figuring things out in the chat.
If you missed this hour's worth of thoughtful insights and practical takeaways, keep an eye out for future events where we'll continue the conversation on The Consumer Duty and other important industry topics.
Useful links
Here are some useful links and resources that were mentioned during the recording of this online Assembly:
Here's Mel's consultancy's website: Compliance and Training Solutions (CATS)
And Tom is technical planning managers for Stonehage Fleming. Here's their site: Stonehage Fleming
Mel mentioned The Lang Cat's The meaning of value report with Royal London and also recommended watching the FCA's webinar The Consumer Duty: One year on. It was held on 31 July but you can register to access the recording.
Meanwhile, here's the Consumer Duty page at the FCA's website. Finally, Richard asked Mel about the FCA's thematic review of Retirement Income Advice
Watch the replay of this Assembly at Crowdcast or Vimeo
Grab your CPD
If you'd like to receive a record of listening to this podcast for your CPD, follow this link: The Consumer Duty CPD
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